SBP directs banks to open accounts for BISP beneficiaries

July 23, 2025 (MLN): The State Bank of Pakistan (SBP) has revised the Facilitation Framework for Benazir Income Support Programme (BISP) Sahulat Accounts and directed all banks and microfinance banks to facilitate the opening of accounts for BISP beneficiaries to enable direct disbursement of financial assistance.

The revised framework will initially be implemented in Karachi, Lahore, Islamabad, Quetta, Peshawar, Muzaffargarh, Muzaffarabad, and Gilgit during a pilot phase, with plans to expand to other cities/districts following its evaluation and necessary adjustments.

As per the new process, BISP will securely share verified beneficiary information with banks, including CNIC details, name, date of birth, and residential address.

Banks will screen this data against designated and proscribed persons lists before proceeding with account opening at BISP-identified branches.

IBANs will be shared with BISP, but accounts will remain inactive until the beneficiary completes the activation process.

Beneficiaries will be informed through an SMS service and web portal about their designated bank, branch, and scheduled visit date for activation.

On visiting the bank with a valid CNIC, accounts will be activated using Biometric Verification (BV).

In cases where BV cannot be performed due to genuine reasons, NADRA Verisys will be used for verification.

Banks will collect additional details from beneficiaries, including CNIC issuance/expiry dates, place of birth, parent/spouse details, and mobile numbers.

Verbal consent will also be obtained for FATCA/CRS compliance, acceptance of terms and conditions, and use of information for due diligence and supervisory purposes.

Following account activation, banks will initiate issuance of cheque books with a minimum of five leaves.

Where BV cannot be conducted, PayPak debit cards will be issued, and PIN generation facilitated during a second visit via call centers, ATMs, SMS, web portals, or other means.

BISP will transfer funds into activated accounts via RAAST/IBFT.

Beneficiaries can withdraw funds using cheques or debit cards during their second branch visit.

Cheques will require a thumb impression, while NADRA Verisys will again be used where BV is not possible.

Internet and mobile banking services will not be activated on these accounts.

Banks are also instructed to enable BV-based withdrawals via branches and ATMs.

Until this functionality is in place, cheque-based payments will continue.

Debit card holders will be able to access any ATM for cash withdrawal without incurring off-us transaction charges.

To support implementation, banks must set up a dedicated function for coordination with BISP, arrange training for staff, and establish mechanisms for timely complaint resolution and 24/7 customer support services.

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